Cleanaway First-Half 2017 Result In Line on Strong Cost-Out; Shares Overvalued
We maintain our AUD 0.90 fair value estimate following no-moat Cleanaway’s interim 2017 result. Underlying first-half 2017 net profit after tax, or NPAT, of AUD 34.9 million (up 20.3%) was in line with our estimates; hence, we make minor changes to our forecasts (up 3% in 2017 and 2% in 2018). The key feature of the result was the strength of cost-out, with EBITDA margins expanding by 240 basis points to 20.8%. 2017 earnings guidance is unchanged, with the company targeting higher EBITDA earning...Cleanaway Waste Management is focused on the following segments: Solids, which comprises the collection, treatment, recycle and disposal of all types of solid waste streams, including general waste, recyclables, construction and demolition waste and medical and washroom services; as well as Liquids and Industrial Services, which comprises the collection, treatment, processing and recycling of liquid and hazardous waste, including industrial waste, grease trap waste, oily waters and used mineral and cooking oils in packaged and bulk forms for resale, disposal and to produce fuel oils and base oils, as well as services including industrial cleaning, vacuum tanker loading, site remediation.
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